The challenger bank believes the general election represents a great chance for politicians to give consumers a fresh start and deliver something meaningful to improve the products and services consumers get and potentially save them money.

TSB feels that markets such as banking are not working for customers and is calling on politicians to make three pledges:

1. Ensure consumers know what they are getting.
2. Let consumers shop around freely.
3. Enable consumers to vote with their feet and switch easily.

Paul Pester, CEO of TSB, said that in the sectors that matter most to consumers, a handful of big players have a stranglehold on the market.

“They are taking customers for granted, pushing up bills, trapping them on poor deals, bamboozling them with jargon and making it almost impossible to switch.

“It's time for change, and for consumers, not businesses, to be put at the centre of the industries that people value the most.

“This will not only be good for individual consumers, it will be good for the whole economy.”

TSB has found that consumers don't know how much they are paying for their 'free' bank accounts or if they can get a better deal elsewhere, while many people are punished for shopping around for a loan.

“Once consumers are empowered to vote with their feet, complacent businesses will need to up their game and become fit for competition.

“If businesses are forced to learn these lessons at home, they will become more dynamic and better able to compete on a global platform.

“Ultimately that will mean a stronger UK economy that works for everyone.”